What You Need to Watch Wednesday

Stocks seem to have fallen into a slow-motion summer lull, but any number of things can wake up the market in the dog days of August.

Topping the list could be the price of oil, which has rebounded on talk of an OPEC meeting in late September. Oil in recent sessions has crossed back above $40, and West Texas Intermediate settled 25 cents lower Tuesday at $42.77 per barrel.

Big for oil — and the market — is Wednesday’s Energy Information Administration inventory data at 10:30 a.m. EDT. That comes after bearish news late Tuesday from the American Petroleum Institute, which reported a large surprise build of 2 million barrels in crude stocks. Oil was trading slightly lower after the report.

CNBC

OPEC Smoke and Mirrors’ May Be All It Needs to Boost Oil

USD/CAD Canadian Dollar Slightly Higher Ahead of US Oil Inventories

Brent Crude – Has the Correction Run its Course?

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.